It's not the first time repayments have been late, but it's now become unacceptable.
I can't see what has happened on your account and I don't want to debate your account on a public forum. We have multiple ways to contact the customer services team and I suggest you speak to them to explain what your concern is and they can handle it.
That isn't me passing the buck, I'm trying to point you to the right people to speak to about the problem.
Is andrewholgate suggesting that sqh might have been treated differently from other investors in that loan? Or that if everyone in that loan was affected then each individual needs to detect their specific problem and bring it to AC's attention in order for it to be remedied? And by implication, anyone who suffers but doesn't complain about a problem wouldn't be given the remedy even if AC knew the problem was widespread?
The interesting question here is what is left in the PF to cover any hypothetical shortfalls; or are LY just going to cover it in the hope nobody notices...
While I appreciate the PBL046 result is a positive one for those invested in it -- not me, I should add -- and a good result for Lendy, what I'd really like to hear from Lendy Support or savingstream is whether or not the net proceeds from the security disposal were enough to cover all that was owed.
If not, what was the shortfall and who suffered it? Was it Lendy? Or the Provision Fund? Or...?
Totally off topic but at least not sniping at anybody, I found myself with a huge account deficit on one account this morning because my prefunding was set for ALL loans rather than the one I wanted and had set prefunding for. Was this not a known bug?
r1200gs: Might you accidentally have entered your prefunding for that one loan in the 'default' box at the top of the pipeline page rather than the box for that specific loan?
It could be easy to miss a mistake like that because I've found that the pipeline page does not always display correctly -- for me, anyway -- after a prefunding is changed. I need to navigate away from that page and then back to it in order to see the correct info.
Last week one of my loan parts for sale had longer queue than 'remaining' on the main loan page, it was there for 4 days and there were some 'investor activities' during that time. I didn't understand how and why I was pushed out of the queue.
The above is a symptom of the 'black hole' problem Lendy have had for some time. They supposedly have had their developers working on a fix for months, but the issue still persists. There are more parts of a loan for sale than appear in the sale queue. If the amount shown as available is bought, then nothing shows as available, so the parts remaining in the queue can't be purchased. The sale of those parts can't be cancelled either, so the parts are stuck in limbo until someone offers more parts for sale. At that point, the old queued parts become saleable and the newly listed parts take their place in limbo.
Must have been pretty recently because I looked at the pipeline maybe half an hour ago and the loan still appeared there.
How times have changed for Lendy -- a 12% loan for less than £3M, and significantly undersubscribed!
(7.6% of PBL182 is on the SM as well. Either that also was undersubscribed, or people with default pre-funding settings got more of that than they wanted and now are trying to reduce their allocations.)
Last Edit: May 24, 2017 10:47:54 GMT by mikes1531: Edited to fix a typo.
I can't remember... Have receivers -- or the Scottish equivalent -- been appointed? If so, then there may not be a lot FS can do other than follow their recommendations, and that includes whether or not to accept an offer that's been made.
Readers may be aware that AC always ask their investors to choose the way forward. (They seem to do that to protect themselves from the recriminations that result if investors lose money.) IIRC, in one case a receiver recommended accepting an offer, but the investors voted against that, and that created a very awkward position. After that happened, AC pointed out that by doing that investors were exposing themselves to a lawsuit from the borrower for rejecting a recommended offer. Since then, when AC have asked investors to vote on whether to appoint receivers, they've made it clear that a vote to appoint is also a vote to accept the receivers' recommendations.
But at some point in the past -- possibly as much as a year ago now -- they did post an example of their fee structure here in the forum, and it did include an exit fee which, IIRC, was 2%. (Someone who's better than I at searching the archives probably could find that message and post a link here.)
Of course, that was then, and this is now, so there's no way to know whether they've changed their fee policy since that message was posted.
...It's only been about two weeks since "contracts signed"...
30/04/2017 - Contracts have now been signed which will provide sufficient funds to pay all interest to date to renew the loan.
I'm hopeful as well, especially as I have a good chunk of funds tied up in the boat loans, but my calendar tells me that three full working weeks have passed since the update reporting the signed contracts.
I wonder if fundingsecure are aware of anything else that must be done/accomplished before the funds will be forthcoming. Can contracts be conditional and not become effective unless certain conditions are met?
There shouldn't be much interest to pay now inasmuch as the remaining term is only -17 days. But there will be a Lendy exit fee to pay -- 2% of the loan?
They have to repay to Lendy not only the amount that they got, but also the amount taken out of the loan at the start as retained interest and arrangement fees. In effect the borrower is paying the whole interest as a bullet at the end of the loan.
Yes, but... The face amount of the loan is what they'd have to pay Lendy to redeem the loan because it already includes the prepaid interest. All they should need to add if they redeem at 0 days remaining is the 2% (?) exit fee. If they repay after the 0 day point they also have to pay some interest, but 17 days' worth wouldn't be that much even if Lendy charge them a 'default' rate for failing to repay within the specified term.
EDIT: What's being discussed here is the difference between the size of the new MT loan and the old Lendy loan being redeemed. But if MT also charge interest up front then the amount borrowed there has to be large enough that the amount net of prepaid interest that the borrower receives is sufficient to clear the Lendy debt.